The bank said it made SAR1.66 billion ($442.6 million) in the three months ending September 30, compared with SAR1.71 billion in the same period a year earlier.
The decline in third-quarter net profit came despite the bank posting a 7.8 per cent increase in its operating revenue.
FGB, majority-owned by Abu Dhabi’s ruling family, signed an agreement with Integrated Financial Group.
Under the transaction, GEMS will be split into two entities, with the investing group buying a stake in the part of the business focussed on MENA and Asia.
The company is looking to invest in the GCC’s healthcare and education sector, with a focus on the UAE and Saudi markets.
In February, a Flydubai official said that the firm is looking to raise funds through a bond issue and was considering a sukuk option.
The projects include the upgrade to the country’s international airport, various tourism developments and the expansion of the aluminium smelter at state-owned firm Alba.
The offer period for the flotation, in which shares will be priced at Dhs1 each, will run until November 4, the company said in a statement.
Dubai’s index added 1.2 per cent in a broad rally while Abu Dhabi edged up 0.2 per cent.
The bank made a net profit of OMR9.8 million ($25.5 million) in the three months to Sept. 30, up from OMR8.3 million in the same period of 2013.
The bank made a quarterly profit of OMR40.39 million ($104.9 million) in the three months to September 30, it said in a statement to the Muscat bourse.
The lender made a net profit of OMR3.8 million ($9.87 million) in the three months to September 30, compared with OMR3.5 million in the same period of 2013.
Kuwaiti crude for November was priced at a discount of 50 cents per barrel to Saudi Arab Medium, unchanged from a month ago and the widest in 10 years.
Al Noor has made three acquisitions in the UAE this year, including a cancer centre, and hopes to add further buys in the coming year, vice-chairman Kassem Alom said.
The bank said it made SAR1.08 billion ($280 million) in the three months ending September 30, compared with SAR998 million in the same period of 2013, according to a bourse filing.
The lender made a net profit of OMR14.1 million in the three months to Sept. 30.
Dubai’s bourse dropped 1.2 per cent as most stocks pulled back while heavyweights such as Emaar Properties and Arabtec Holding fell slightly.
The lender said that its board had decided against issuing the convertible “due to uncertainty regarding its eligibility as an additional Tier 1 instrument”.
The official said that the fall in oil prices will not deeply impact UAE’s GDP growth since the country is economically diversified with oil accounting for less than 30 per cent of the GDP.
The lender said it made SAR461.8 million ($123.1 million) in the three months to September 30 compared with SAR433.3 million in the corresponding quarter of 2013.
The company made OMR5.3 million ($13.8 million) in the three months to Sept. 30, compared with OMR4.5 million in the corresponding period of last year.
The cement producer made a net profit after tax of OMR2.3 million ($6.0 million) in the three months to Sept. 30, compared with OMR3.8 million in the corresponding period of 2013.
The bank said it made SAR926 million ($246.9 million) in the three months ending September 30, compared with SAR685 million in the same period a year earlier.
The bond will have a ten-year lifespan, with an option for the issuer to redeem it after the fifth year, and will be priced at 2.25 per cent over the central bank of Kuwait’s discount rate.
The nine-member external advisory group includes industry bodies such as the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions.
The projected federal spending of Dhs49.1 billion is up from Dhs46 billion in the original budget for 2014.
The contract, secured by Agility Defense and Government Services, will run from October 2014 to April 2016, the company said in a statement.
In a statement, the bank said its net profit for the first nine months of 2014 was 8 billion riyals.
Markets fell globally after a raft of weak indicators from Europe and China collided with concerns about the U.S. Federal Reserve’s plans to reduce monetary stimulus.
Dubai plunged 6.7 per cent, Abu Dhabi slid 2.1 per cent and Qatar dropped 2.7 per cent.